Pinetree was incorporated under the laws of the Province of Ontario and its shares are publicly traded on the Toronto Stock Exchange (the “TSX”) under the symbol “PNP”. Pinetree is a diversified investment, financial advisory and merchant banking firm focused on the small-cap market. Pinetree’s investments are primarily in the following resource sectors: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals. As well, Pinetree has investments in the Biotechnology, Energy Related Technology, and Technology sectors.

Pinetree’s investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities.
List Of Our Current Investees By Name As At December 31, 2007
     
African Gold Group (AGG:TSXV)
Precious Metals

1,105,595 common shares
119,047 warrants expire Feb 10, 2009 550,000 warrants expire Mar 13, 2009 250,000 warrants expire Apr 15, 2009
Andean American Mining Corp. (AAG: TSXV)
Precious Metals

2,750,000 common shares
1,000,000 warrants expire May 29, 2009
Antisense Therapeutics Limited (ANP:AX)
Biotechnology Investments

28,500,000 common shares

Aranka Gold Inc. (ARK: TSXV)
Precious Metals

1,991,688 common shares

Arctic Star Diamond Corp. (ADD:TSXV)
Precious Metals

10,064,091 common shares

2,500,000 warrants expire Oct 27, 2008

1,009,091 warrants expire Feb 21, 2009

1,500,000 warrants expire Sept 17, 2009
ATW Venture Corp. (ATW: TSXV)
Precious Metals

1,560,000 common shares
400,000 warrants expire Mar 27, 2009 580,000 warrants expire Dec 17, 2009
Bolero Resources Corp. (BRU:TSXV)
Molybdenum
6,793,500 common shares
1,000,000 warrants expire Nov 23, 2008
Brownstone Ventures Inc. (BWN:TSXV)
Oil & Gas
2,572,659 common shares
975,000 warrants expire Jul 19, 2008
Caledonia Mining Corp. (CAL:TSX)
Precious Metals

38,434,500 common shares

Canadian Arrow Mines Ltd. (CRO:TSXV)
Base Metals
3,750,000 common shares
362,500 warrants expire Oct 17, 2008
Castillian Resources Corp. (CT:TSXV)
Precious Metals
6,500,000 common shares

500,000 warrants expire Jun 22, 2008

1,142,500 warrants expire Apr 9, 2009
Chalk Media Corp. (CKM: TSXV)
Technology Investments

10,000,000 common shares

Changfeng Energy Inc. (CFY: TSXV)
Oil & Gas

3,400,000 common shares

Cline Mining Corp. (CMK:TSX)
Uranium

10,000,000 common shares

Colossus Minerals Inc. (CSI: TSX)
Precious Metals

2,866,000 common shares

200,000 warrants expire May 18, 2008

250,000 warrants expire Jun 26, 2009

475,000 warrants expire Feb 13, 2011

1,000,000 warrants expire Dec 6, 2011 
Comdek Ltd. (CDS:AX)
Uranium

18,700,000 common shares  
Creston Moly Corp. (formerly Georgia Ventures Inc.) (CMS:TSXV)
Molybdenum

7,000,000 common shares
2,500,000 warrants expire May 9, 2010
Cross Lake Minerals Ltd. (CRN:TSX)
Base Metals

2,757,000 common shares

250,000 warrants expire Jun 14, 2008

542,500 warrants expire Nov 9, 2008

300,000 warrants expire Feb 14, 2009
Cue Resources Ltd. (formerly Cue Capital Corp.) (CUE:TSXV)
Uranium

3,385,800 common shares

Cypress Development Corp. (CYP:TSXV)
Precious Metals

8,516,500 common shares

Diagnos Inc. (ADK:TSXV)
Energy Related Technology Investments

1,500,000 common shares
750,000 warrants expire Aug 6, 2008
Diamondex Resources Ltd. (DSP: TSXV)
Precious Metals

12,296,500 common shares

500,000 warrants expire May 4, 2008

625,000 warrants expire Dec 21, 2008
Dios Exploration Inc. (DOS:TSXV)
Uranium

4,643,500 common shares

800,000 warrants expire May 2, 2008

264,000 warrants expire Mar 15, 2009

666,500 warrants expire Mar 30, 2009
Ditem Exploration Inc. (DIT:TSXV)
Uranium

4,154,600 common shares
1,773,000 warrants expire Jan 26, 2009
Dynamite Resources Ltd. (DNR:TSXV)
Uranium

13,056,500 common shares
5,500,000 warrants expire Aug 17, 2009
Erdene Gold Inc. (ERD:TSX)
Molybdenum

3,806,900 common shares

Evolving Gold Corp. (EVG:TSXV)
Precious Metals

7,849,100 common shares
1,250,000 warrants expire Jul 5, 2009
Fiber Optic Systems Technology Inc. (FOX:TSXV)
Energy Related Technology Investments

7,036,612 common shares
1,750,000 warrants expire Mar 5, 2010
Fluid Media Networks, Inc. (formerly Fluid Audio Networks, Inc.) (private)
Technology Investments

300,000 series A preferred shares

267,357 series B preferred shares

104,000 series C preferred shares

150,000 series E preferred shares

US$300,000 12% convertible debenture 
Forum Uranium Corp. (FDC:TSXV)
Uranium
3,004,000 common shares
827,000 warrants expire Nov 29, 2008
Fury Explorations Ltd. (FUR:TSXV)
Precious Metals

2,750,000 common shares
250,000 warrants expire Sep 20, 2008
Galway Resources Ltd. (GWY:TSXV)
Molybdenum

4,350,000 common shares
100,000 warrants expire Feb 1, 2009
GeneNews Ltd. (GEN:TSX)
Biotechnology Investments

3,250,000 common shares

GeoGlobal Resources Inc. (GGR: NASDAQ)
Oil & Gas

1,045,700 common shares
112,500 warrants expire Jun 20, 2009
Global Green Solutions Inc. (GGRN:OTCBB)
Energy Related Technology Investments

2,227,743 common shares

700,000 warrants expire May 5, 2008

250,000 warrants expire Aug 19, 2008
Gold Canyon Resources Inc. (GCU:TSXV)
Precious Metals

2,732,100 common shares
1,500,000 warrants expire Dec 14, 2009
Gold Eagle Mines Ltd. (GEA:TSX)
Precious Metals

1,500,000 common shares
Golden Goose Resources Inc. (GGR:TSXV)
Precious Metals

3,667,000 common shares
Goldrush Resources Ltd. (GOD:TSXV)
Precious Metals
4,717,500 common shares
2,500,000 warrants expire Sep 20, 2008
Haemacure Corp. (HAE: TSX)
Biotechnology Investments

15,021,500 common shares

2,500,000 A warrants expire Jan 5, 2012

2,500,000 B warrants expire Jan 5, 2012
Independent Nickel Corp. (INI:TSX)
Base Metals
4,306,500 common shares
500,000 warrants expire Nov 7, 2008
International Nickel Ventures (INV:TSX)
Base Metals
3,810,500 common shares
188,000 warrants expire Nov 18, 2008
Kyoto Capital Partners Inc. (private)
Technology Investments

15,000,000 common shares

Landdrill International Inc. (LDI: TSXV)
Base Metals

5,274,500 common shares

150,000 warrants expire Apr 7, 2008

500,000 warrants expire Oct 12, 2008
Latin American Minerals Inc. (LAT:TSXV)
Precious Metals
4,727,500 common shares
1,000,000 warrants expire May 31, 2008
Lynden Ventures Corp. (LVL:TSXV)
Oil & Gas

2,700,000 common shares
1,250,000 warrants expire Jul 9, 2009
MacArthur Minerals ltd. (MMS:TSXV)
Precious Metals

3,657,700 common shares

500,000 warrants expire Jul 3, 2009

500,000 warrants expire Dec 11, 2009
MacDonald Mines Exploration Ltd. (BMK: TSXV)
Base Metals

11,425,000 common shares
3,075,000 warrants expire Oct 29, 2009
MacMillian Gold Corp. (MMG:TSXV)
Precious Metals

3,682,500 common shares
2,000,000 warrants expire Sep 27, 2008
Magnum Uranium Corp. (MM:TSXV)
Uranium
3,035,285 common shares
357,142 warrants expire Mar 2, 2009
Mantis Mineral Corp. (MINE: CTQ)
Base Metals

6,552,500 common shares
1,500,000 warrants expire Oct 19, 2009
Mawson Resources Ltd. (MAW:TSX)
Uranium

1,598,900 common shares
152,500 warrants expire Apr 28, 2008 200,000 warrants expire Dec 27, 2008 100,000 warrants expire Feb 6, 2009
Maximus Ventures Ltd. (MXV: TSXV)
Precious Metals

3,774,500 common shares
1,000,000 warrants expire Apr 24, 2009
Mega Moly Inc. (formerly Westview Commercial Inc.) (MGY: TSXV)
Molybdenum

10,007,500 common shares
10,000,000 warrants expire Nov 30, 2008
Mega Silver Inc. (formerly Treat Systems Inc.) (MSR: TSXV)
Precious Metals

3,981,136 common shares
37,500 warrants expire Nov 2, 2009 337,500 warrants expire Nov 2, 2009
Mega Uranium Ltd. (MGA:TSX)
Uranium

9,629,969 common shares

54,200 warrants expire Feb 13, 2012

150,000 warrants expire Feb 22, 2012

764,712 warrants expire Jun 22, 2012
MegaWest Energy Corp. (MGWSF:OTCBB)
Oil & Gas

4,150,000 common shares

325,000 warrants expire Jul 5, 2008

1,125,000 warrants expire Aug 28, 2008
Metalex Ventures Ltd. (MTX:TSX)
Precious Metals

5,601,500 common shares
500,000 warrants expire Aug 3, 2009
Nevoro Inc. (NVR:TSX)
Precious Metals

4,565,000 common shares

New World Resources Corp. (NW: TSXV)
Precious Metals

2,835,000 common shares
1,000,000 warrants expire Nov 15, 2008
Niogold Mining Corp. (NOX:TSXV)
Precious Metals

5,101,500 common shares
985,000 warrants expire Oct 24, 2008
Noront Resources Ltd. (NOT:TSXV)
Precious Metals

10,000,000 common shares
125,000 warrants expire Feb 6, 2010
Nortec Ventures Corp. (NVT:TSXV)
Precious Metals

13,500,000 common shares

Oklo Uranium Ltd. (OKU:AX)
Uranium

9,482,000 common shares

Opel International Inc. (formerly Tandem Resources Inc.) (OPL:TSXV)
Energy Related Technology Investments

3,121,400 common shares

750,000 warrants expire Dec 13, 2009

1,000,000 warrants expire May 11, 2010
Oriental Minerals Inc. (OTL:TSXV)
Base Metals

3,000,000 common shares

125,000 warrants expire Jul 2, 2008

1,250,000 warrants expire Jan 17, 2009
Pacific Comox Resources (PCM:TSXV)
Molybdenum

16,820,610 common shares

1,909,091 warrants expire Nov 30, 2008

3,571,428 warrants expire Jun 12, 2008
Pacific North West Capital Corp. (PFN:TSX)
Precious Metals

4,600,000 common shares
1,650,000 warrants expire Dec 1, 2008 300,000 warrants expire Mar 31, 2009
Pele Mountain Resources Inc. (GEM:TSXV)
Uranium

5,150,000 common shares
1,000,000 warrants expire Feb 22, 2010
Potash One Inc. (formerly ISX Resources Inc.) (KCL:TSXV)
Potash and Rare Earths

3,825,800 common shares
100,000 warrants expire April 2, 2009
Primary Petroleum Corp.
Oil & Gas

3,240,500 common shares
1,525,000 warrants expire Sep 17, 2009
Probe Mines Ltd. (PRB: TSXV)
Base Metals

3,455,500 common shares
1,000,000 warrants expire Nov 6, 2009
Queenston Mining Inc. (QMI:TSX)
Precious Metals

4,045,000 common shares
150,000 warrants expire May 17, 2008